Chinese automaker BYD Company Limited BYDDF, which sold more EVs than Tesla, Inc. TSLA in China in January, is eyeing a global expansion in a big way.
What Happened: Warren Buffett-backed BYD has launched the Yuan Plus model in China, about three months after it was announced at the Guangzhou Auto Show, CnEVPost reported.
The Yuan Plus is an all-electric SUV built on BYD's e-platform 3.0. It is the first model built by the company targeting the global market.
The Yuan Plus comes in five variants, with the base model having a listing price of 131,800 yuan ($20,900) after subsidies. The most expensive variant, the 510KM Flagship PLUS, is priced at 172,274 yuan ($27,200) before subsidies.
BYD began accepting preorders for Yuan Plus in China on Jan. 1, and it has received more than 20,000 preorders since then, the report said.
Apart from the demand at home, BYD sees a strong market for the model in overseas markets. It is available for presale in Australia under the name ATTO 3, the company added. BYD is also planning to sell the Yuan Plus in Singapore.
Related Link: Nio, XPeng, Buffett-Backed BYD Among Top Quality EV Brands In China: Survey
Why It's Important: In 2021, BYD sold 593,745 new energy vehicles, which included both battery EVs and plug-in hybrids. BEV sales alone stood at 320,810 units.
BYD began selling EVs in Norway in mid-August 2021. It now sells the BYD Tang seven-seater SUVs in the country through a distributor. The company is also exporting its Han EV model to Latin American countries and the Caribbean.
In terms of volumes, Tesla could face stiff competition from BYD, if its overseas expansion aspirations go according to plan. Unlike BYD, Tesla sells only BEVs.
Photo: Courtesy of eng.byd.com
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